Latest data released by INSEE - 10 September 2020
- Prior +12.7%; revised to +13.0%
- Industrial production -8.3% vs -8.0% y/y expected
- Prior -11.7%; revised to -11.3%
- Manufacturing production +4.5% vs +3.5% m/m expected
- Prior +14.4%; revised to +14.8%
- Manufacturing production -8.5% vs -9.7% y/y expected
- Prior -12.5%; revised to -12.1%
The good news is that French factory output is continuing to observe a modest recovery to start Q3 but overall conditions are still keeping below pre-virus levels seen back in January and February as seen from the table below:
It remains to be seen if the pace of the recovery can be sustained going into the latter stages of the year - especially in Q4 - and that will be the key question, not just in France but for the rest of the region as well.
